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Illinois residents are being urged to file their 2020 tax returns as soon as possible to ensure that they receive the full benefits of the expanded Child Tax Credit, a provision of the American Rescue Plan that will provide families with tax credits of up to $3,600 per child.
According to the IRS, those families who are eligible through the program will begin receiving payments in July. A monthly advance credit of up to $300 will be paid for each child 5 years of age and younger. A $250 credit will be paid for each child between the ages of 6 and 17, according to the IRS.